One Big Tech stock to buy, according to Ranmore Fund Management’s Sean Peche

Shares of Alibaba , the Chinese e-commerce behemoth, have plummeted over 65% from all-time highs in late 2020 amid economic uncertainty and regulatory tightening in China. However, the company’s revenues and profits have surged since then, and one outperforming fund manager sees the current valuation as a buying opportunity. “Around 2021, people were paying a forward multiple of 30 times earnings for Alibaba,” said Sean Peche, portfolio manager at Ranmore Fund Management. “Profits have grown since then, but now everybody only wants to pay seven and a half times earnings?” Alibaba shares are traded in the U.S., Hong Kong and…